Gen Z and Y see value in advice, says FPA

Gen Z and Y see value in advice, says FPA

Most people from Generations Z and Y said they would accept a gift of time with a financial planner from their parents, according to new data from the Financial Planning Association of Australia.

Released to mark Financial Planning Week (19-25 August), the FPA’s Gifts That Give national research showed that 81 per cent of Gen Z (born 1995-2009, aged 18-24) and ​76 per cent of Gen Y ​(born 1980-1994, aged 25-39) would like the gift of time with a financial planner. ​

Fifty-seven per cent of all Australians said the same, with the FPA saying it indicates “a strong overall positive desire for professional help to create a financial plan”.

As a result, the FPA said it is equipping its members with a customisable gift voucher as a way for Baby Boomer clients to consider actively investing in the financial literacy of their adult children and grandchildren.

“Four in five Australians aged 18-39 are keen to work with the emerging breed of financial planning professionals who are committed to nationally mandated higher levels of education, ethics and accountability,” said FPA chief executive Dante De Gori.

“We stand with Australia for a better financial future, and on behalf of our 14,000+ FPA members, we welcome the opportunity to help more people, from all life stages.”

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FPA chair Marisa Broome said many parents and grandparents want to inspire the younger generation to seek the advice of a professional financial planner, but are unsure how to do so.

“I’ve been offering gift vouchers in my practice for many years, and it’s so rewarding to see the intergenerational ripple effect of good financial advice,” she said.

Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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